Mortgage Refinancing Central Coast

Central Coast Mortgage Refinancing

While refinancing is an effective tool for borrowers who have been hit by rate hikes, care needs to be taken before making this decision. One of the most important consideration for borrowers is the impact of any fees that may be applied, such as:

• Establishment
• Exit
• Application
• Valuation
• Stamp duty
• Ongoing charges
• Mortgage discharge
• Mortgage registration
• Mortgage insurance
• Legal fees
• Legal disbursements

Refinancing a mortgage involves replacing your current home loan with a new one—either through a different lender or with improved terms from your existing provider. It’s a common strategy used to access better interest rates, consolidate debt, or release equity for home improvements or other financial goals. While refinancing can offer financial advantages, it also involves legal and procedural steps that require careful consideration and accurate documentation.



Understanding the legal process behind refinancing is essential to ensuring a smooth transition and protecting your interests.

Refinancing can be a positive option if:

• Your current rate is not competitive in the market
• A major change has occurred in your financial circumstances, eg. work
• You are looking for additional funds to renovate or invest in another property
• You require greater flexibility to easily access equity
• You are switching to a fixed rate to reduce risk of increases and save money
• You are wanting to consolidate other debts, eg. credit cards

What's Involved in the Refinancing Process?

Refinancing generally involves the following steps:

1. Review your current loan: Understand your existing terms, interest rate, and any break or exit fees.
2. Research new loan options: Compare lenders and products to find a loan that suits your needs.
3. Apply for the new loan: The new lender will assess your financial position, credit history, and property value.
4. Legal preparation: A solicitor or conveyancer will manage the discharge of your old mortgage and register the new one.
5. Settlement: Your existing loan is paid out, and the new loan begins.

While the process is typically quicker than buying a property, it still involves legal checks, lender approvals, and registration of documents with the relevant land title office.

The Legal Role in Refinancing

A key part of refinancing is the legal transfer of mortgage security from one lender to another. This involves:

• Preparing mortgage discharge documents
• Registering the new mortgage with the land registry
• Ensuring title details are accurate and up to date
• Verifying the loan amount covers any settlement shortfalls
• Liaising with both the outgoing and incoming lenders

Errors in documentation or delays in the registration process can lead to financial penalties or settlement delays, which is why legal oversight is strongly advised.

Costs to Consider When Refinancing

While refinancing may save money in the long term, there are some upfront costs to factor in:

• Loan application or establishment fees
• Government mortgage registration and discharge fees
• Break fees (for fixed loans)
• Legal or conveyancing fees
• Valuation fees (sometimes required by the new lender)

Some lenders offer refinancing rebates or cashback deals to offset these expenses, but these should be carefully weighed against the total loan costs.